Mckinsey & Company identified data-driven marketing as one of the top CMO agenda items for 2014 and beyond. In the technologically evolving world we live in today there are so many more ways for enterprises to get in touch with their customers on a much more personal level than in the past and enterprises are collecting ever more data. While more and more people are talking about it, the big question still remains: what exactly is Marketing Personalization? Marketing Personalization takes many forms from personalized editorial content to friendly reminder emails, but in this article we will be discussing how marketing personalization applies to driving commerce.
“Marketing Personalization” is a term used to describe the delivery of a better customer experience between the consumer and the enterprise utilizing data. For example, Susan has signed up for an e-mail list at a local clothing retailer she frequently shops at. If Susan buys a name-brand skirt from this retailer, the company can personalize their interactions with Susan by sending her email offering deals on similar products from the same brand as well as offers on items that would coordinate well with her new skirt. This is marketing personalization: reaching out to the customer to offer hyper-personalized deals in a setting outside the retailer.
Another example of Marketing Personalization is illustrated on a daily basis through Amazon, the world’s largest online retailer. Amazon has quite literally mastered Marketing Personalization on a massive scale. Amazon serves millions of customers worldwide and manages to collect transaction data on each consumer; increasing both revenue and consumer usability. For example, let’s say Joe is interested in purchasing a Canon digital camera and browses Amazon for various camera types and reviews. He eventually purchases a camera on Amazon but is perusing Amazon the next day. Recommendations such as camera bags and SD cards will populate at the bottom of the screen under “Recommended for You”, complementing his recent camera purchase. Amazon has demonstrated their level of marketing personalization not only encouraging an online point-of-sale but engaging their customers by addressing their personal needs.
The main goal of the nitty and gritty side of marketing personalization is simple: make your customers feel the personal connection between your brand and the consumer. By stimulating this ideal that their shopping habits and needs are always important brands can garner a greater sense of customer loyalty; increasing revenue per customer with relevant email offers, and giving them the notion that their opinions matter. After all, what is a company without its customers?
Marketing Personalization is a necessity for companies and brands looking to adapt to the constantly dynamic needs of the consumer, but which companies can help get you there. There are numerous firms, including IBM and Adobe, that can help enterprises achieve marketing personalization and one of the leading companies that works with small and medium enterprises is Nectar Online Media.